Bonds

Municipal issuers in the Southeast sold $69.5 million of bonds in 2022, a 13.1% year-over-year decline as governments across the region decreased capital spending and braced for a potential recession, according to industry experts. After starting 2022 with volume up 35% year-over-year in the first quarter, third and fourth quarter volume dropped substantially, according to

Municipals were weaker Tuesday, while USTs saw yields rise and equities ended mixed after a hotter-than-expected consumer price index report showed inflation may take longer to combat, and require higher rates, than the Federal Reserve planned. Triple-A benchmarks were cut one to six basis points, depending on the scale, while UST yields rose nine to

The Puerto Rico Oversight Board defended its proposed Puerto Rico Electric Power Authority disclosure statement in a filing following bondholder attacks. Earlier this month the Ad Hoc Group of PREPA Bondholders and bond insurer Syncora Guarantee separately filed criticisms of the disclosure statement the board submitted in December along with a proposed plan of adjustment

Municipals were weaker in spots Monday as they face difficult technicals, while U.S. Treasuries were firmer five years and out and equities rallied. The three-year muni-UST ratio was at 52%, the five-year at 54%, the 10-year at 60% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had

Illinois Gov. J.B. Pritzker has signed legislation cementing a Cook County Forest Preserve District pension funding overhaul that rescues the fund from looming insolvency. Lawmakers approved House Bill 1859 amending the state pension code’s article relating to the district during their lame-duck session last month. The legislation, signed by Pritzker Friday, takes effect June 1.

Municipals were weaker Friday ahead of next week’s heavier new-issue calendar. U.S. Treasury yields rose and equities were mixed. Triple-A benchmark yields were cut up to five basis points, depending on the scale, while U.S. Treasury yields rose three to eight basis points, pushing the two-year UST above 4.50%. The three-year muni-UST ratio was at

Nearly half of Puerto Rico’s residents will be exempt from paying a proposed charge to support the restructured Puerto Rico Electric Power Authority bonds, the Puerto Rico Oversight Board said. The amended proposed PREPA plan of adjustment, filed Thursday, calls for a monthly fixed $13 fee and a volume-based charge for use up to 500

The Florida Legislature concluded its special session on Friday and passed new laws that renamed the Reedy Creek Improvement District and put its control in the hands of Gov. Ron DeSantis. The Legislature approved a bill in April to dissolve all independent special districts created before 1968. The bill’s authors and DeSantis made it clear it was intended to punish the

Michigan is considering a large, first-time road tolling program that would establish a public tolling agency and new borrowing credit to shore up a long-struggling road funding system. The toll program, which would begin with nearly 600 of mostly interstate miles, would also be somewhat unusual in that it would build on existing roads. Most

Philadelphia Fed President Patrick Harker said the odds of the Federal Reserve being able to control inflation without triggering a recession are growing, but that the key interest rate must get above 5% and stay there to ensure price pressures ease. “We actually are increasing the odds — we can get a soft landing. That

Illinois’ consolidation of suburban and downstate police firefighter pension fund assets cleared a second legal hurdle but it could take a decision from the Illinois Supreme Court to clear the path for full participation in the plan. Kane County Circuit Court Judge Robert Villa last May upheld the law and an appellate court this week

Citigroup was dropped Thursday from an upcoming $3.4 billion Texas bond sale after being recently barred from underwriting government debt in the state. The Texas Natural Gas Securitization Finance Corporation board reconstituted the deal’s underwriting syndicate, removing Citigroup as a co-manager. Last month, the Texas Attorney General’s Office announced it will no longer approve any

A bipartisan group of lawmakers led by Andrew Garbarino, R-N.Y. and including Young Kim R-Calif., Josh Gottheimer D-N.Y., and Anna G. Eshoo D-Calif., re-launched a SALT caucus on Wednesday, dedicating themselves to lifting the cap on the state and local tax deduction. The SALT caucus wielded some power in the previous Congress, threatening to refuse

Municipals were weaker in secondary trading, with the largest cuts seen on the short end, while a $1.2 billion deal from the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were better, and equities ended in the red. The three-year muni-UST ratio was at 54%, the five-year at 55%, the

San Francisco Mayor London Breed issued a directive Monday providing further guidance on the city’s eight-year plan to permit 82,000 new housing units in the city. Gov. Gavin Newsom announced last week that California has approved the city’s Housing Element plan, making it one of the few Bay Area cities to meet a state deadline

Municipals were weaker once more, while U.S. Treasury yields rose out long, and equities ended up. Triple-A benchmark yields were cut up to seven basis points, depending on the scale, pushing the one-year above 2.50%. The last time the one-year was above 2.50% was Jan. 10. The three-year muni-UST ratio was at 53%, the five-year

Federal Reserve Chair Jerome Powell said additional interest-rate increases will be needed to cool inflation and borrowing costs may need to peak higher than previously expected, if the strong jobs market persists. “We think we are going to need to do further rate increases,” Powell said Tuesday in a question-and-answer session with David Rubenstein at

Federal Reserve Bank of Atlanta President Raphael Bostic said January’s strong jobs report raises the possibility that the central bank will need to increase interest rates to a higher peak than policymakers had previously expected. If a stronger-than-expected economy persists, “It’ll probably mean we have to do a little more work,” Bostic told Bloomberg News

“Development was key to the agenda” New York Gov. Kathy Hochul laid out in her executive budget last week, according to one of her key aides. Along with more funding for public safety and mental health initiatives, the governor is keen to start up stalled economic development efforts and up capital spending, Elizabeth Fine, counsel

On the heels of municipal bond issuance disappointing in 2022, nearly two-thirds of market participants in a Bond Buyer live market survey said they expect 2023 issuance to remain around last year’s levels. The muni market saw $384.086 billion of debt issued in 2022, down 21% year-over-year, as issuers were flush with cash and rising